Proto-capitalist economies and free markets became active during the Islamic Golden Age where an early market economy and a form of merchant capitalism took root between the 8th–12th centuries.
monetary economy developed, based on a widely circulated currency (the dinar) and on the integration of previously independent monetary areas.
Business techniques and forms of business organisation employed during this time included:
Organizational enterprises independent from the state also existed in the medieval Islamic world, while the agency institution was also introduced .  
Medieval Europe adopted and further developed many of these early capitalist concepts from the 13th century onwards. 
See also [ edit ]
References [ edit ]
^ a b Banaji, Jairus (2007). "Islam, the Mediterranean and the Rise of Capitalism". . Historical Materialism Brill Publishers. 15 (1): 47–74, 28p. doi: 10.1163/156920607X171591.
^ Robert Sabatino Lopez, Irving Woodworth Raymond, Olivia Remie Constable (2001), Medieval Trade in the Mediterranean World: Illustrative Documents, Columbia University Press, ISBN 0-231-12357-4.
^ Spier, Ray (2002). "The history of the peer-review process". Trends in Biotechnology. 20 (8): 357–358 . PMID 12127284. doi: 10.1016/s0167-7799(02)01985-6.
^ Said Amir Arjomand (1999), "The Law, Agency, and Policy in Medieval Islamic Society: Development of the Institutions of Learning from the Tenth to the Fifteenth Century", Comparative Studies in Society and History 41, pp. 263–93. Cambridge University Press.
^ Samir Amin (1978), "The Arab Nation: Some Conclusions and Problems", MERIP Reports 68, pp. 3–14 [8, 13].
Further reading [ edit ]